RadNet Completes the Previously Announced Acquisition of the New Jersey Operating Subsidiary of Health Diagnostics
LOS ANGELES, Calif., August 11, 2010 – RadNet, Inc. (NASDAQ: RDNT), a national leader in providing high-quality, cost-effective, fixed-site outpatient diagnostic imaging services through a network of 191 fully-owned and operated outpatient imaging centers, today reported it has completed the previously announced acquisition of the New Jersey operating subsidiary of Health Diagnostics.
In the first quarter of 2010, the Company entered into a letter of intent to acquire substantially all of the business of the New Jersey operating subsidiary of Health Diagnostics. As a result of the acquisition, we acquired three New Jersey facilities in Edison, Old Bridge and Green Brook. Imaging modalities include MRI, CT, PET/CT, mammography, ultrasound and x-ray.
“We are very excited to welcome the many outstanding New Jersey employees of Health Diagnostics into the RadNet organization. Through its facilities, Health Diagnostics has an exemplary reputation for providing high-quality service to the patients and referring community in its communities. We believe that these Health Diagnostics assets, combined with the other facilities we acquired over the last twelve months further our objective of becoming the premier imaging service provider in New Jersey,” said Dr. Howard Berger, President and Chief Executive Officer of RadNet.
About RadNet, Inc.
RadNet, Inc. is a national market leader providing high-quality, cost-effective diagnostic imaging services through a network of 191 fully-owned and operated outpatient imaging centers. RadNet’s core markets include California, Maryland, Delaware, New Jersey and New York. Together with affiliated radiologists, and inclusive of full-time and per diem employees and technicians, RadNet has a total of approximately 4,000 employees. For more information, visit http://www.radnet.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Specifically, statements concerning the Company’s ability to successfully integrate acquired operations, achieve cost savings, continue to grow its business by generating patient referrals and contracts with radiology practices, and receive third-party reimbursement for diagnostic imaging services, are forward-looking statements within the meaning of the Safe Harbor. Forward-looking statements are based on management's current, preliminary expectations and are subject to risks and uncertainties, which may cause the Company's actual results to differ materially from the statements contained herein. Further information on potential risk factors that could affect the Company's business and its financial results are detailed in its most recent Annual Report on Form 10-K, as filed with the Securities and Exchange Commission. Undue reliance should not be placed on forward-looking statements, especially guidance on future financial performance, which speaks only as of the date they are made. The Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date they were made, or to reflect the occurrence of unanticipated events.
RadNet, Inc.
Mark Stolper, 310-445-2800
Executive Vice President and Chief Financial Officer
Alliance Advisors, LLC
Alan Sheinwald, President
914-669-0222
asheinwald@allianceadvisors